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Antoine Machining estimated its manufacturing overhead to be $293,880 and its direct materials costs of the jobs that Antoine Machining worked on in Year 1 had actual direct materials costs of $18,600 for AM005, and $86,800 for Job AM008. For Year 1, actual manufacturing overhead was $315,400 and to $660,000. Manufacturing overhead is applied to jobs on the basis of direct materials costs using prede

Antoine Machining estimated its manufacturing overhead to be $293,880 and its direct materials costs of the jobs that Antoine Machining worked on in Year 1 had actual direct materials costs of $18,600 for AM005, and $86,800 for Job AM008. For Year 1, actual manufacturing overhead was $315,400 and to $660,000. Manufacturing overhead is applied to jobs on the basis of direct materials costs using prede

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 7-33 (Algo) Prorate Under- or Overapplied Overhead (LO 7-3) Antoine Machining estimated its manufacturing overhead to be $293,880 and its direct materials costs to be $474,000 in Year 1. Thre of the jobs that Antoine Machining worked on in Year 1 had actual direct materials costs of $18,600 for Job AM002, $68,200 for Job AM005, and $86,800 for Job AM008. For Year 1, actual manufacturing overhead was $315,400 and total direct materials cost was $660,000. Manufacturing overhead is applied to jobs on the basis of direct materials costs using predetermined rates. Overhead applied in each of the inventory accounts is as follows: Work-in-process inventory Finished goods inventory Cost of goods sold Required: Prepare an entry to allocate the under- or overapplied overhead. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list No A $ 24,552 77,748 306,900 View journal entry worksheet Transaction 1 General Journal Manufacturing Overhead Applied Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Debit 93,800 Credit
Transcribed Image Text:Exercise 7-33 (Algo) Prorate Under- or Overapplied Overhead (LO 7-3) Antoine Machining estimated its manufacturing overhead to be $293,880 and its direct materials costs to be $474,000 in Year 1. Thre of the jobs that Antoine Machining worked on in Year 1 had actual direct materials costs of $18,600 for Job AM002, $68,200 for Job AM005, and $86,800 for Job AM008. For Year 1, actual manufacturing overhead was $315,400 and total direct materials cost was $660,000. Manufacturing overhead is applied to jobs on the basis of direct materials costs using predetermined rates. Overhead applied in each of the inventory accounts is as follows: Work-in-process inventory Finished goods inventory Cost of goods sold Required: Prepare an entry to allocate the under- or overapplied overhead. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list No A $ 24,552 77,748 306,900 View journal entry worksheet Transaction 1 General Journal Manufacturing Overhead Applied Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Debit 93,800 Credit
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